(Source: PRNewswire-FirstCall)
DEERFIELD BEACH, Fla., Jan. 26 /PRNewswire-FirstCall/ -- China Direct, Inc., d/b/a China Direct Industries, Inc. , a U.S. company that manages a portfolio of Chinese entities, announced today it has undertaken a management restructuring including several important changes to its senior management and board of directors as it focuses on operating its magnesium and basic industry segments in China. China Direct Industries believes these changes strengthen its ability to effectively grow its businesses in China in a challenging worldwide economic environment as it seeks to become the global leader in the production and distribution of pure magnesium.
Management of China Direct Industries is pleased to announce the addition of Andrew Weeraratne as its Chief Financial Officer. China Direct Industries has added 10 operating subsidiaries since the fourth quarter of 2006 and has invested a substantial portion of its personnel and financial resources in both the U.S. and China in the area of financial management. Mr. Weeraratne will help to provide a renewed focus and leadership for China Direct Industries as it seeks to expand its operations in China and improve operating results. Mr. Weeraratne has over 25 years experience in public and corporate accounting. In addition to almost a decade of experience running his own private CPA firm in Washington D.C., he has served as the CFO of National Lampoon, Inc. and as Controller for Beachport Entertainment. Mr. Weeraratne worked with the Embassy of the United States of America in Iraq as a financial advisor to form an Iraqi Accounting Association and introduced International Accounting Standards to Iraq as part of a plan to privatize State owned enterprises after the Iraq war. Mr. Weeraratne is experienced in all phases of accounting, finance and investment, including internal controls, financial management, securities analysis and international business management.
Commenting on his hire, Mr. Weeraratne stated "With an extensive knowledge in accounting and global investments, I am taking on the role of CFO with an eye toward significant growth potential. I believe China Direct Industries, with its unique and timely business model coupled with a prudent and experienced management team is poised to become the leading player in pure magnesium and further strengthen its place in other basic industry groups in China as the country continues to emerge in the global marketplace. China Direct Industries has solid internal controls and intelligent financial management in place, which is critical to our success. I believe the coming years will be pivotal as uncertain times create significant opportunities. Our goal is to prepare China Direct Industries to be a major player as we enter the next expansion phase of the global economy."
In an effort to further strengthen its overall corporate decision making capabilities, China Direct Industries has named Yuwei Huang as Executive Vice President for its magnesium segment and has been appointed as a member of its board of directors. Mr. Huang, who has substantial expertise in magnesium production and distribution, has served as General Manager of China Direct Industries' Chang Magnesium subsidiary since June 2006. Mr.
